Not-At-Fault Claims Affect Insurance Premiums

[Nutty]

  On 1/30/2020 at 8:27 AM, Coool said:

That's only part of the reason why there are increase in overall motor premium throughout the market. The other reason is some insurers are under cutting, unable to maintain motor portfolio with that kind of premium thus the increase of premium even if you are accident free. Premium keep dropping but cost keep rising, how can?

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I wonder if the increase in premium can be attributed to more claims due to influx of PHVs over the past years.

[inlinesix]

  On 1/31/2020 at 1:31 AM, Nutty said:

I wonder if the increase in premium can be attributed to more claims due to influx of PHVs over the past years.

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Insurance for PHV is usually under fleet cover similar to taxi.

It is usually excluded for the purpose of premium review.

Companies/companies underwriting this business expect this business to be loss making.

[Justicelegends11]

Hi anyone using FWD car insurance and claim third party insurance previously? If unsuccessful, can I claim back my own insurance? As stated in my policy, I have to claim within 14days from incident date. Or should I choose own damage claim first and submit third party claim later on? As the third party car changed suddenly from lane 2 to lane 1 and bumped into my front bumper and fender , hence the AD assessor suggested me to claim own damage first. This is because the winning percentage is just 50%. Besides that, I have communicated with third party and he claimed under my insurance. If I choose to claim under own damage, is this self declaration that I’m at the wrong side during the accident ?Can anyone advise on the situation? Many thanks

[Coool]

  On 1/31/2020 at 1:34 AM, inlinesix said:

Insurance for PHV is usually under fleet cover similar to taxi.

It is usually excluded for the purpose of premium review.

Companies/companies underwriting this business expect this business to be loss making.

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Some PHV drivers purchase insurance on their individual name, which are subject to claims review and premium loading. Those fleet usually are car rental companies renting car to PHV drivers i think?

 

[Coool]

  On 2/2/2020 at 3:37 AM, Justicelegends11 said:

Hi anyone using FWD car insurance and claim third party insurance previously? If unsuccessful, can I claim back my own insurance? As stated in my policy, I have to claim within 14days from incident date. Or should I choose own damage claim first and submit third party claim later on? As the third party car changed suddenly from lane 2 to lane 1 and bumped into my front bumper and fender , hence the AD assessor suggested me to claim own damage first. This is because the winning percentage is just 50%. Besides that, I have communicated with third party and he claimed under my insurance. If I choose to claim under own damage, is this self declaration that I’m at the wrong side during the accident ?Can anyone advise on the situation? Many thanks

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Hmmmm, claim against your policy and submit all evidence to your insurer to back your claim. Let the insurer decide to subrogate against third party or not. Claiming against own policy does not constitute one is at fault.

 

[Justicelegends11]

  On 2/4/2020 at 6:52 AM, Coool said:

Hmmmm, claim against your policy and submit all evidence to your insurer to back your claim. Let the insurer decide to subrogate against third party or not. Claiming against own policy does not constitute one is at fault.

 

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Okay thanks for your suggestion 🙂

[Cmwong]

I'm in the process of buying a new car and the recommended car insurance from the car agent is from AIG.  However, AIG is denying me the 5% additional discount even though I can prove that Traffic Police is certifying my clean driving record for the past 3 years and I am still eligible for the Certificate of Merit.  

The reason given by AIG is because my NCD is 30% and I had an insurance claim.  The NCD is already reduced because of the claim.  Why should I be penalised another time?

My experience is telling me not to buy insurance from AIG if I have a choice.

Posting here for all your attention.